INNOVATE Corp. announced it has entered into a investment agreement to issue 35,000 shares of its preferred stock, par value $0.001 per share, at issue price $1,000 for a gross proceeds of $35,000,000 on March 5, 2024. The transaction includes participation from new investor, Lancer Capital LLC.

The conversion price is $0.70, convertible into the number of shares of Common Stock in its first tranche.